How to Aquire and save your crypto Safely and easily.

Crypto currency can no longer be ignored guys. We are seeing more and more people using and saving money with crypto currency as the years go by. I know many people who just don't know how to keep it and that's why they are afraid to invest. Some people just are not educated enough in the space to make a sizable investment. Today i'm going to be talking about how to store and keep your cryptocurrency safe. We will also be talking about the benefits of storing crypto online and also cold storage. How to acquire crypto without giving out all your information safeguarding your identity. The last thing i want to talk about is how to spot and stay away from scams.

So many people in the world hesitate to invest into crypto because they don't know enough about it, and they don't know how to keep it safe. The best way to to do this is by using cold storage like KeepKey, Tezor, or ledger. These wallets keep your currency offline and almost 100% safe from hackers and online thieves. I always recommend using a computer you never use online to host these wallets. Only go online when you need to send money and always disconnect once your done sending the transaction. The only other option is keeping your money online in an exchange like Coinbase, Bitstamp, or others. the draw back to that is hackers and online thieves have more access to your wallets. The advantage you have with storing your money on an online exchange is that if you need to sell or exchange into a different currency you can do so quickly and easily. Cold storage wallets can be slower and require extra steps to get the currency to a place where you can sell or exchange it. waiting for verification can take hours and with cold storage you have to go through this multiple times to get anything done.

People always ask me why they have to give out ID's and other sensitive information to exchanges just to buy crypto. Some of the largest exchanges operate here in the U.S, and we have the toughest financial laws in the world. These laws require any money transmitter to acquire information about its clients in order to do business. Basically you have to give all your info to these exchanges because if they don't get it from you they are breaking the law. We are not required to give out our information to buy crypto no law states that. Only if you want to operate as an exchange and do business then you have to collect info and send it to fin-cen. Transactions over 10,000 have to be reported along with all your sensitive information. Since this is not required by all of the states and not all countries have these laws you can acquire crypto without any identification as long as the seller is in a state or country that these laws do not exist. You can find sellers like this on P2P exchanges like Paxful or Local Bitcoins. Again in no way is buying Bitcoin illegal, and you do not have to give out all your info to get it.

Scams are becoming wide spread and harder to find. The best way to stay away from them is to stick with the well known sources. Wallet scams are HUGE, and if you can avoid them by sicking with reputable sites and also doing your research! Initial coin offerings are super risky and the reward is high but is it worth it? More and more "Scam Coins" are popping up and the hope of getting rich or greed is making a lot of people lose money. Never trust sites that don't have an address or more than a email for contact info. Stick with your country when it comes to exchanges and investing its way harder to get your money back from a scam over seas. Stick with the top 10-20 coins as far as investment and you will do well over the next 5 years. The most important thing is google and the crpyto currency community when researching something new. Always make sure you take calculated risks, and that you have enough information before putting your money in.

This information is very important and i hope that it will be useful to people now and in the future. I touched the surface on these subjects, and any questions are welcomed with open arms. Below i'm going to provide a few links to most of the things mentioned above. I will also include Bitcoin charts and a screenshot of the top ten currencies. I hope that you enjoyed reading this as much as i enjoyed writing it. I believe information should be free and education is key to the future of crypto currency. I do not get paid for these posts and i will also provide a Bitcoin wallet address for any donations you would like to provide. Thank you again for reading and don't forget to like us and follow us!

Responses (13)

Crypto currency is worldwide currency now. There are huge and huge peoples are using crypto currency as a payment method now a days in this world. Bitcoin is one of the most and major payment method for this world payment section. Like e commerce payment or any other website payment. Seocheckout also allow Bit coin payment. My country bank Bangladesh Bank recently has announced that they are not giving the facility about Bitcoin exchange on Bangladesh. But within the world Bit coin or BTC is popular now. Hope the next government will allow the BTC exchange for the country freelancers.

With few countries considering becoming "Cashless" and more making regulation and welcoming Bitcoin i think India will change the laws within the next few years. Bitcoin is good for the economy and even though it is illegal many many people from India still trade Bitcoin on a daily basis the governments cannot control Crypto currency the same way they cannot control the drug trade.

“People always ask me why they have to give out ID's and other sensitive information to exchanges just to buy crypto. Some of the largest exchanges operate here in the U.S, and we have the toughest financial laws in the world. These laws require any money transmitter to acquire information about its clients in order to do business.”

Yes indeed. The law enforcement folks have enough problems trying to track money laundering and other illegal transactions used by “insidious and sinister unknown individuals and entities who don't identify themselves” and who use currencies to fund God knows what kind of criminal activities, chaos, and mayhem in the world! At least if you prove you're one of these good guys, then the LAPD, the NYPD, the FBI, the CIA, the NSA, Interpol and assorted other intelligence communities and law enforcement organizations don't have to bother YOU! (Not a joke. I'm seriously serious!)

YOU may not have to concern yourself so much with the legal authorities, once you have been legally introduced to each other, but YOU must surely know that thieving hackers are always a threat. They hack banks, They hack credit card companies. They hack into non--monetary databases like medical records! No reason to believe they won't hack into your online OR offline cryptocurrency accounts and wallets. Just like there is no reason to believe the house you live in is 100% safe from a home invasion just because you have a state of the art electronic security system. Just be aware and do everything in your power to protect your digital assets.

Great discussion! Thanks for all the reference links. I have bookmarked this for future reference.

In cold storage your crypto currency cannot be stolen or hacked. The beauty of technology is that its all connected to the internet and if you take that away the tech has no way to communicate in or out.

I think cryptocurrencies are going to become more popular in the future, I can't wait for online shops that would only accept cryptos for payment because this would signal a good trend in the cryptocurrency industry.

Understanding that some of the new wallet sites that are opening everyday are just there to ensure that you lose all your coins to them is necessary when we are talking about being careful. Learning to do cryptocurrency exchange on good and trusted sites is one way not to get into that kind of issue.

With the introduction and spread of crypto they are lots and lots of sites coming up that claim to be storage for your crypto. From hardware, to software. Because of the number of options available it is getting harder and harder to make a choice. Because all these are newly formed companies no one has a definitive answer. I think only time will tell where it is safest and easiest to store your crypto, In the meantime it is all a big risk.

I was surprised that there are so many crypto currencies now although Bicoin is still the leader in terms of popularity. There were several freelancers who invited me to join a site that pays in Bitcoin and they promised to assist me in getting a wallet because they know that I am ignorant of crypto currency. But I refused because I don’t see crypto currency as a legitimate currency for now. It is just a commodity to me.

How to acquire and save your crypto safely anf easily: I have some satoshi collected in some apps that gives free satoshi but you will not earn big there but if you collect and collect you cab use it for the futire exchange but for now I am just still collecting and I am not interested to invest then because for me it is really too risky. Thank you for this thread for giving me a tip on where i can keep my collected satoshi safely.

December 26, 2018, 7:25 am

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